How do you differentiate the two, and in what situations might an investor prefer one approach over the other?

This comes up when we describe portfolio debt security, and someone said, "What is it?" And it's kind of-- it's a hybrid, really, between traditional direct and middle market lending and NAV lending.

So we, we are lending directly and originating investments to credit funds, which would be, you know, very similar to what you'd see in traditional direct and middle market lending.

Although what we're doing is we're not lending to a company at a multiple of EBITDA.

We're actually lending to a credit fund based on the fair value of their portfolio today.

The similarities with NAV lending is we do have that asset coverage ratio requirement, which is effectively like a NAV covenant where-- which requires the fund to maintain at least one hundred and fifty percent asset coverage on our debt.

A couple differences between, uh, what we're doing and NAV lending, we're lending to a highly diverse portfolio of credit assets rather than lending to...

So from an investor's perspective, where do portfolio debt securities fit within a broader portfolio allocation? What role can they play in terms of income generation, diversification, and risk-adjusted returns?